The International Association of Insurance Supervisors (“IAIS”) has launched a self-assessment and peer review (“SAPR”) on corporate and risk governance, which will assess observance and understanding of the Insurance Core Principles (“ICPs”) related to licensing, suitability of persons, corporate governance, and risk management and internal controls (ICPs 4, 5, 7 and 8).
Although not a traditional self-assessment, IAIS members are encouraged to participate in the SAPR. The process will begin with an online survey prepared by an expert team consisting of representatives from the Standards Observance Subcommittee, the Governance and Compliance Subcommittee and the World Bank. Once the four week survey period is closed, the expert team will review the results and produce a draft report setting out a preliminary assessment, which will be circulated to each member who participates in the SAPR.
Members will then be invited to provide comments on and make corrections to the draft report. These will be considered by the expert team, which will then issue a final report to each jurisdiction, following which an aggregate report of the expert team’s findings will be prepared.
The SAPR is expected to be completed by the first quarter of 2014.